• Unable to pay loan

sir, i have taken credit card & vehicle loan from icici & hdfc bank and i am unable to pay the loan. bank are threatening me in terms of legal notice & police cases. sir presently my condition is very bad & i am not in position to pay the loan. please help me what should i do.
Asked 3 years ago in Civil Law from Lucknow, Uttar Pradesh
if you are unable to pay vehicle loan let bank take over vehicle and auction it .   

as far as credit card loan is concerned ask for rescheduling installments
Ajay Sethi
Advocate, Mumbai
24881 Answers
1340 Consultations
5.0 on 5.0
1. Bank may take possession of vehicle and auction it at a throwaway price to recover the amount of loan along with interest. This cannot be successfully preempted. 

3. For credit car you may request the bank to reschedule amount in easy installments.
Ashish Davessar
Advocate, Jaipur
18884 Answers
474 Consultations
5.0 on 5.0
if you are unable to pay vehicle loan let bank take over vehicle and auction it .
Rajeev Bari
Advocate, New Delhi
1506 Answers
92 Consultations
3.5 on 5.0

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
Ask a Lawyer

Civil Lawyers

T Kalaiselvan
Advocate, Vellore
15366 Answers
142 Consultations
5.0 on 5.0
Ajay Sethi
Advocate, Mumbai
24881 Answers
1340 Consultations
5.0 on 5.0
Ashish Davessar
Advocate, Jaipur
18884 Answers
474 Consultations
5.0 on 5.0
Krishna Kishore Ganguly
Advocate, Kolkata
12737 Answers
264 Consultations
5.0 on 5.0
Nadeem Qureshi
Advocate, New Delhi
3646 Answers
138 Consultations
4.9 on 5.0
Shivendra Pratap Singh
Advocate, Lucknow
2895 Answers
44 Consultations
4.9 on 5.0
Atulay Nehra
Advocate, Noida
528 Answers
18 Consultations
4.7 on 5.0
Rajgopalan Sripathi
Advocate, Hyderabad
916 Answers
55 Consultations
5.0 on 5.0
Ajay N S
Advocate, Ernakulam
1959 Answers
20 Consultations
5.0 on 5.0
Thresiamma G. Mathew
Advocate, Mumbai
1324 Answers
89 Consultations
5.0 on 5.0